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Help After Foreclosure Article
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Help to Prevent Foreclosure
from:If you find yourself caught in a mortgage that you can no longer afford, you may need to find help to prevent foreclosure. The recent subprime mortgage crisis has prompted many local, federal and privately run agencies to develop programs that help to prevent foreclosure. Subprime mortgages are offered to borrowers with a few blemishes on their credit record that can’t qualify for prime rates. Usually offered with a limited time “teaser” rate that is significantly lower than the actual rate, these subprime mortgages cause many borrowers to find themselves with a mortgage that they can’t afford when the teaser period runs out. These are the borrowers that are looking for help to prevent foreclosure. Many times, these borrowers are not told of the actual cost of the mortgage until it is too late, making them victims of predatory lending.
The best place to start your information search for help to prevent foreclosure is your lender. Lenders have a lot at stake when a home goes into foreclosure. Research shows that a lender loses, on average, between fifty to sixty thousand dollars for each foreclosure. They are in the business of lending money, not owning or selling houses. They have many programs set in place to help you when you get behind in your payments. Never ignore communication from your lender. As they are willing to help and have many programs available to do so, most programs are designed to help those that are only 1-2 payments behind. Early intervention may be the difference between keeping your house and foreclosure.
The US Department of Housing and Urban Development (HUD) is the federal agency responsible for offering help to prevent foreclosure. Their web site if full of information, tips and advice to help prevent foreclosure. Because you can customize your search based on location, this web site is the most comprehensive place to find the help you are looking for. They also offer counseling by local HUD approved financial counselors. These counselors are able to evaluate your individual situation and make recommendations on their findings. They also provide local resources, such as county specific help to prevent foreclosure.
It is important when faced with a mortgage that you can no longer afford that you seek help to prevent foreclosure early. As there are many programs that have been developed to assist you, many can only be implemented before you get too far behind. Be sure to conduct thorough research before committing to any one program. Finding the help to prevent foreclosure that will suit your situation is possible, but you must be willing to do the research it takes to find it.
Help After Foreclosure News
CredAbility Supports HUD Studies on Housing Counseling - MarketWatch (press release)
CredAbility Supports HUD Studies on Housing Counseling MarketWatch (press release) The foreclosure counseling study reveals that with a counselor's help, nearly 70 percent of those counseled obtained a mortgage remedy to retain their home, and 56 percent cured their defaults and became current on their mortgages. GreenPath Debt Solutions Takes Part In Government Housing Counseling Study |
Preventing foreclosure the focus of seminars - The Desert Sun
Preventing foreclosure the focus of seminars The Desert Sun Of the nearly 448000 homeowners who got help with their mortgages during the first nine months of 2011, some 70 percent are still up to date on their payments, the OCC reported. That compares with 37 percent that kept up with payments after receiving ... |
Land bank would help cities rid itself of blighted homes - Middletown Journal
Land bank would help cities rid itself of blighted homes Middletown Journal The $75 million comes from Ohio's share of a national mortgage settlement for foreclosure abuse reached this year with the largest mortgage servicers. A first round of demolition money is available to local counties to apply for with an amount ... |
Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds - OPB News
 Mortgage Rates & Trends | Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds OPB News Studies have shown homeowners stand a better chance of avoiding foreclosure if they get the help of a counselor, and homeowners lack legal representation in the overwhelming majority of foreclosure cases. The money was divvied up among the states ... Lawmakers Gave Millions from Mortgage Settlement to Local Governments Deo Buddhu Accused Of Mortgage Scam Promising False Federal Aid Malloy, AG announce allocation of mortgage foreclosure settlement funds |
Nashville Home Rescue Introduces Program to Help Homeowners Avoid Foreclosure - Virtual-Strategy Magazine
Nashville Home Rescue Introduces Program to Help Homeowners Avoid Foreclosure Virtual-Strategy Magazine This Nashville home investing company decided to create this initiative to help homeowners avoid foreclosure issues after an alarming number of Nashville area property owners found themselves in tough situations from the down economy. |
Tornado And Foreclosure Double Whammy For Minneapolis Homeowner - The UpTake
Tornado And Foreclosure Double Whammy For Minneapolis Homeowner The UpTake A year after the tornado, hardly any repairs to Gwendolyn's home have been made. In fact, a bright orange condemnation sign adorns the front door. Why? Because, contractors hired to repair her home were never paid, despite the three checks Gwendolyn ... |
Firm Targets Calif. Homeowners With Foreclosed 2nd Mortgages - KGTV San Diego
 abc7news.com | Firm Targets Calif. Homeowners With Foreclosed 2nd Mortgages KGTV San Diego ... a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt -- on homes they've already lost through foreclosure. Many of these former homeowners believed their mortgage debt had been erased after their houses ... Texas firm targets Calif. homeowners with foreclosed 2nd mortgages |
More Foreclosure Victims Come Forward - NBC Connecticut
More Foreclosure Victims Come Forward NBC Connecticut By Troubleshooter Chris Coffey A local attorney says more foreclosure victims are coming forward after a Troubleshooter's investigation into a Wethersfield business. A local attorney told the Troubleshooters more people have come forward to blame a ... |